British Salt Secures U.K. Approval for Acquisition in First Ever Reversal by U.K. Competition Commission
November 15, 2005
Cleary Gottlieb represented British Salt in securing U.K. merger clearance for the acquisition of New Cheshire Salt Works. The U.K. Competition Commission reversed its initial ruling in its Provisional Findings and approved the transaction unconditionally in its Final Report. This is the first time the Commission has ever reversed its initial findings.
In September, the Commission concluded that the merger would lead to a substantial lessening of competition in the production of pure dried vacuum and compacted salt products. That provisional finding was reversed in light of substantial increases in forecast gas costs.